With Russia’s military offensive in Ukraine entering its third week, the United States, United Kingdom, and the European Union have collectively responded with very significant additional economic sanctions and trade controls. Three measures stand out as most significant. On February 28, the United States and the European Union took new action to prohibit transactions involving the Russian Central Bank, Russia’s National Wealth Fund, and its Ministry of Finance, with the United Kingdom following suit on March 2. Then, on March 1, the European Union moved to ban designated Russian financial institutions from accessing financial messaging services provided by the Society for Worldwide Interbank Financial Telecommunication. Finally, on March 8, the United States and the United Kingdom announced that they will ban and phase out the import of Russian oil and gas, and the European Commission presented a plan to significantly cut Russian gas imports.